WIDE MOAT STOCKS COMPARISON

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Stock Comparison

Cboe Global Markets, Inc. vs Nasdaq, Inc.

Compare moat strength, market structure, and segment coverage to understand how each company defends its edge.

Cboe Global Markets, Inc.

CBOE · Cboe BZX

Market cap (USD)$38.1B
Gross margin (TTM)—
Operating margin (TTM)36.4%
Net margin (TTM)28%
SectorFinancials
IndustryExchanges and financial data
CountryUS
Data as of2026-08-23
82/100
Moat score

Weighted across the company's segments.

Full stock profile

Dive deeper into Cboe Global Markets, Inc.'s moat claims, evidence, and risks.

View CBOE analysis

Nasdaq, Inc.

NDAQ · The Nasdaq Stock Market

Market cap (USD)$61B
Gross margin (TTM)62.9%
Operating margin (TTM)29.7%
Net margin (TTM)22.7%
SectorFinancials
IndustryExchanges and financial data
CountryUS
Data as of2026-08-23
73/100
Moat score

Weighted across the company's segments.

Full stock profile

Dive deeper into Nasdaq, Inc.'s moat claims, evidence, and risks.

View NDAQ analysis

Comparison highlights

  • Moat score gap: Cboe Global Markets, Inc. leads (82 / 100 vs 73 / 100 for Nasdaq, Inc.).
  • Segment focus: Cboe Global Markets, Inc. has 5 segments (63% in Options); Nasdaq, Inc. has 3 segments (40.7% in Capital Access Platforms).
  • Moat breadth: Cboe Global Markets, Inc. has 5 moat types across 2 domains; Nasdaq, Inc. has 5 across 3.

Primary market context

Cboe Global Markets, Inc.

Options

Market

U.S. listed options exchanges (multi-listed + proprietary index options)

Geography

United States

Customer

Broker-dealers, market makers, institutional investors, retail order-flow intermediaries

Role

Exchange operator (SRO) + derivatives listing venue + market data provider

Revenue share

63%

Nasdaq, Inc.

Capital Access Platforms

Market

Issuer and investor solutions: listings, index licensing, market data, and investment analytics/workflow platforms

Geography

Global (with major exposure to U.S. and Nordic/Baltic markets)

Customer

Public/private companies (issuers), asset managers, institutional investors, data subscribers

Role

Listing venue + index administrator/licensor + data/analytics provider

Revenue share

40.7%

Side-by-side metrics

Cboe Global Markets, Inc.
Nasdaq, Inc.
Ticker / Exchange
CBOE - Cboe BZX
NDAQ - The Nasdaq Stock Market
Market cap (USD)
$38.1B
$61B
Gross margin (TTM)
n/a
62.9%
Operating margin (TTM)
36.4%
29.7%
Net margin (TTM)
28%
22.7%
Sector
Financials
Financials
Industry
Exchanges and financial data
Exchanges and financial data
HQ country
US
US
Primary segment
Options
Capital Access Platforms
Market structure
Oligopoly
Oligopoly
Market share
30.5% (reported)
n/a
HHI estimate
n/a
n/a
Pricing power
Moderate
Moderate
Moat score
82 / 100
73 / 100
Moat domains
Legal, Network
Legal, Network, Demand
Last update
2026-09-05
2026-09-05

Moat coverage

Shared moat types

Two Sided NetworkDe Facto Standard

Cboe Global Markets, Inc. strengths

Contractual ExclusivityClearing SettlementIP Choke Point

Nasdaq, Inc. strengths

Compliance AdvantageBrand TrustData Workflow Lockin

Segment mix

Cboe Global Markets, Inc. segments

Full profile >

Options

Oligopoly

63%

North American Equities

Competitive

16.8%

Europe and Asia Pacific

Oligopoly

11.3%

Futures

Quasi-Monopoly

5.2%

Global FX

Competitive

3.8%

Nasdaq, Inc. segments

Full profile >

Market Services

Competitive

22.9%

Capital Access Platforms

Oligopoly

40.7%

Financial Technology

Competitive

35.2%

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Curation & Accuracy

This directory blends AI‑assisted discovery with human curation. Entries are reviewed, edited, and organized with the goal of expanding coverage and sharpening quality over time. Your feedback helps steer improvements (because no single human can capture everything all at once).

Details change. Pricing, features, and availability may be incomplete or out of date. Treat listings as a starting point and verify on the provider’s site before making decisions. If you spot an error or a gap, send a quick note and I’ll adjust.